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Technology Stocks : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: gdichaz who wrote (126150)	12/23/2002 3:28:51 PM
From: Jim Mullens	Read Replies (3) \| Respond to of 152472

Thanks- Tom, techlvr, Chaz, and Jackmore for your help in supporting Huey’s efforts in “trying to get a better understanding of QCOM’s future”. I’m sure Huey will be most grateful for your patience in regard to this most exhausting effort as I’m sure he is sure to now become a Qualcomm investor after digesting your recent most informative posts. I just thought of one more item to add to the list. Remember back in June 2000 when Texas Instruments acquired a small CDMA shop to assist them in their pursuit of CDMA business? That transaction amounted some $475 Million for about 75 Dot Wireless employees ($6.3 million per employee). Relating that sum to Qualcomm’s 6,500 employees yields a tidy valuation of $41.2 Billion, somewhat in excess of today’s Qualcomm market cap of $30.6 Billion. Now, I don’t know too much about the caliber of Dot’s 75 folks, but I doubt if they measure up to that of Qualcomm’s work force of engineers and scientists that have been recognized as the pioneers in developing and commercializing CDMA for mobile wireless. One more item to ponder, I don’t believe that that transaction of $6.3 million per employee included a very large portfolio of essential CDMA patents as the TXN press released failed to make mention of even one patent being transferred. That’s $42.2 Billion excluding CDMA patents, of which Qualcomm has close to 2,500 including most of those which are considered essential. I wonder how much Qualcomm would be valued at if the accounting profession, in its efforts to support investor awareness of the “economic value” of all company transactions, assigned an asset value to patents and included such on the balance sheet? Happy Holidays- Jim

To: gdichaz who wrote (126150)	12/23/2002 3:37:31 PM
From: cfoe	Read Replies (1) \| Respond to of 152472

in the US neither Verizon nor Sprint* are the horses any handicapper would bet on - except for CDMA* I just want to go on record as saying that I think most of you are selling Sprint (and to a lesser extent VZ) short. Remember back a short two years ago and the slooooow way 1X seemed to be rolling out in Korea? And remember all the critics of KDDI when they delayed their rollout 90 days? Look at them now! And KDDI has mainly concentrated on converting its current customers to 1X. Wait until they start going after their competitors customers. (I figure starting April after they hit their goal of 7MM 1X subs by March.) PCS' and VZ's priority has to be getting 1X established with its current customer base first. Then we are off to the races. Best to all for the holidays.